Which of the following items can be exclusions from gross income? a. Alimony payments received. b. Award

Question:

Which of the following items can be exclusions from gross income?

a. Alimony payments received.

b. Award received by the taxpayer for compensatory damages from her broken leg.

c. A new golf cart won in a church raffle.

d. Amount collected on a loan previously made to a college friend.

e. Insurance proceeds paid to the taxpayer on the death of her uncle—she was the designated beneficiary under the policy.

f. Interest income on City of Chicago bonds.

g. Jury duty fees.

h. Stolen funds that the taxpayer ostensibly had collected for a local food bank drive.

i. Reward paid by the IRS for information provided that led to the conviction of the taxpayer’s former employer for tax evasion.

j. Rare coins worth $8,000 found in an old trunk purchased by the taxpayer at a garage sale. 

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

South-Western Federal Taxation 2018 Comprehensive

ISBN: 9781337386005

41st Edition

Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young

Question Posted: